Home Insurance in 94102>Question Details

Tracy Cheung, Other/Just Looking in San Francisco County,...

I'm in SF and am finalizing a 2-unit condo conversion. The HOA insurance quotes I've received are extremely expensive. Do I have any other?

Asked by Tracy Cheung, San Francisco County, CA Thu Mar 8, 2012

options? I've been told I can't refinance until we have such HOA insurance but the cost is almost prohibitive.

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0 votes Thank Flag Link Fri May 25, 2012
Yes, the insurance for a 2 unit HOA Condo building is much more expensive than the insurance for a 2 unit building. Typically you will need 3 policies. One for the HOA, and then two for each of the units. You will probably want to make sure that the policies obtained match the requirements for financing the condos. I have done 2 conversions in recent years, and in both instances we found that Allstate was our choice for insurance. Unfortunately, there are some 2 unit TICs prior to conversion, that are under insured because they do not have appropriate coverage for each unit, and specifically contents. While through the conversion you will have more insurance expense, the upside is that you may actual have better coverage.

Jack Murray
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Prudential California Realty - 677 Portola Drive San Francisco CA 94127
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0 votes Thank Flag Link Thu Mar 8, 2012

Not knowing any details of the building or the quotes it is hard to comment. Condo building insurance usually is higher than a TIC or one owner with both units because of the insurer’s perceived increased liability. Also remember each unit will also need to get HO6 unit insurance.

If you would like a referral to an insurance agent who works on these please email me directly.

0 votes Thank Flag Link Thu Mar 8, 2012
You need insurance. You may try getting the best HOA policy you can for now, complete your refi and then shop for something more affordable.

If you need recommendations, just give ma a call.


Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference: http://www.oggikashi.com
0 votes Thank Flag Link Thu Mar 8, 2012
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